The Supreme Court has heard and decided an appeal of a patent licensing case for the first time in many years. In Quanta Computer, Inc. v. LG Electronics, Inc., it reversed the judgment of the Federal Circuit, but it did so in a decision based on narrow grounds and leaving many important questions unanswered-in fact, unaddressed. The case involves the "exhaustion doctrine," under which the sale of a patented product by the patentee or its licensee "exhausts" patent rights in regard to the sold product. Stern explores the court's decision and its possible effects future licensing agreements.